• Asia-Pacific Journal of Business
• /
• v.8 no.2
• /
• pp.1-14
• /
• 2017

Initial public offering (IPO) has been well known to be underpriced initially and under-performed in the long run. However, whether an IPO is underpriced or not strongly depends on how to measure the fair value. This paper hand collects data of IPOs newly listed in Korea market when whether IPO is overpriced or not is clearly distinguishable. The overpriced IPO refers to as the one the underwriters buy back after the listing. With the data, the paper examines that IPOs are overpriced and that the characteristics are related to the underpricing at the aftermarket dates and the performance in the long run. The data of clearly overpriced IPOs are little available from other IPO markets like US IPO market. From the data of IPOs listed under the underwriting rule of market stabilization, the results obtainable are the followings. First of all, the average initial return 70% of the underpriced IPO at the aftermarket dates is greater than the one 40% of the overpriced one. The overpriced IPOs are priced highly over the mid prices of the price bands at the pricing dates and then supported by relatively higher subscription rates of individual investors. The probit analyses moreover report that individual investors do not distinguish the overpricing of IPOs from the underpricing. These imply that the overpricing is strongly affected by the underwriting rule on the initial pricing.

• The Journal of the Korea Contents Association
• /
• v.16 no.5
• /
• pp.686-697
• /
• 2016

The present research investigates the reciprocal effects of a previous brand extension and follower brand extension's market performance on a parent brand of a follower brand's extension product using 2(previous brand extension's market performance: success vs. failure)${\times}$2(follower brand extension's market performance: success vs. failure) between-subjects factorial design. The verification of the hypothesis is composed through 2-way ANOVA. As a result, the consumers' evaluation of the parent brand of a follower brand's extension product when the follower brand's extension succeed was more positive when the previous brand's extension has failed. However, when the follower brand's extension has failed, the consumers' evaluation of the parent brand of a follower brand's extension product was more negative when the previous brand's extension has succeeded.

• Industry Promotion Research
• /
• v.9 no.3
• /
• pp.87-100
• /
• 2024

This study approached the factors affecting companies's sustainable growth by overcoming the valley of death after starting a business from the perspective of technology, market, location, cluster, and INC model, and conducted a case study on success and failure companies in Daedeok Cluster to explore the adequacy and suitability of the main factors of previous studies. The results of this study suggest that location accessibility-based collaboration between innovators is important for the growth of companies in the cluster, and balanced growth such as innovative ideas, market needs, and capability to meet needs is necessary for companies' products and services to create innovative value in the market. This study is worth in that it presents factors for sustainable corporate growth through the analyses of success and failure cases for companies in the Daedeok Cluster. In addition, the research is successful in that it proposed a policy support plan based on collaboration among companies to foster companies in the cluster.

• Journal of Korea Society of Industrial Information Systems
• /
• v.18 no.5
• /
• pp.45-50
• /
• 2013

Recently, as the market for SMART TV expands, the camera is embedded for providing various user experience. However, this leads to occurrence of camera failure due to TV power up sequence problem, which are usually not detectable in conventional test equipments. Although the failure-detection can be possible by re-generating control signals for audio interface with new equipment, it is expensive and also requires much time to test. In this paper, for SMART TV, FPGA(Field Programmable Gate Array)-based failure-detection system is proposed which can lead to reduction of both cost and time for test.

• Journal of the Korean Institute of Electrical and Electronic Material Engineers
• /
• v.21 no.3
• /
• pp.265-271
• /
• 2008

TCP(Tape Carrier Package), COG (Chip On Glass), COF(Chip On Film) are three methods for connecting LDI(LCD Driver IC) with LCD panels. Especially COF is growing its portion of market place because of low cost and fine pitch correspondence. But COF has a problem of the lead broken failure in LCD module process and the usage of customer. During PCB (Printed Circuit Board) bonding process, the mismatch of the coefficient of thermal expansion between PCB and D-IC makes stress-concentration in COF lead, and also D-IC bending process during module assembly process makes the level of stress in COF lead higher. As an affecting factors of lead-broken failure, the effects of SR(Solder Resister) coating on the COF lead, surface roughness and grain size of COF lead, PI(Polyimide) film thickness, lead width and the ACF(Anisotropic Conductive Film) overlap were studied, The optimization of these affecting manufacturing processes and materials were suggested and verified to prevent the lead-broken failure.

• Journal of the Korean Data and Information Science Society
• /
• v.16 no.2
• /
• pp.263-270
• /
• 2005

The reliability guarantee insurance policy for parts and materials was introduced to the market in 2003. This policy indemnifies manufactures for the repair/failure costs, recall expenses. In this paper, owing to the nature of the policy, we propose a new rate-making system considering the type of product and industry, quality control circumstances, record of guarantee performance, and exposures.

• Proceedings of the Korea Port Economic Association Conference
• /
• 2003.07a
• /
• pp.193-218
• /
• 2003

Today, the marketplace environment is changing faster and more dramatically than ever before. With the rapid growth of Internet Shopping mall, electronic commerce transaction, we have big changes on distribution fields. At this circumstances, traditional markets cannot help suffering from serious contraction and market failure between highly advanced department store and internet based shopping mall giving lower prices and higher customer satisfaction program. In addition, traditional markets have made an critical role on our retail markets for a long time, but they confront a crucial crisis on nationwide owing to external markets circumstance change and internal factors. In this study, we made efforts to suggest rational political scheme to recover many difficulties as analyzing market factors affecting traditional market, such as, modernized management skill, specialized items, customers satisfactions program, and so forth.

• East Asian Economic Review
• /
• v.25 no.3
• /
• pp.273-309
• /
• 2021

The development of regulatory systems varies between transition and non-transition economies. This suggests that they provide different incentives for entrepreneurial development and could have varied effects on the economy because they have different methods to deal with market failure. However, limited empirical evidence exists to prove the assumption of dichotomy. Using comprehensive data for institutional quality, labor market and financial market development, this research sought to analyze their effect on employment growth at micro level. The results show that the quality of institutions in transition economies are poorer relative to those in non-transition economies, but their financial and labor markets are more developed than the latter. Further analysis for the transition sample shows that the three variables are individually positively related with employment growth. For the non-transition sample, institutional quality and labor market flexibility bear a positive and significant effect on employment. Financial market development enters the model with a negative coefficient when regressed alone, but a joint test of significance finds that all the variables have a positive effect on employment growth. This result could imply that there is interdependence between institutional quality, labor flexibility and financial market development in firm-employment-growth relationship, or complementarity between regulations and the quality of institutions. Alternatively, this finding suggests that a stringently regulated credit market in non-transition economies have a selection effect-allocating credit only to entrepreneurs who already demonstrate strong growth potential. In sum, despite differences in the evolution of regulatory environment between the two samples, both of them complement employment growth at firm level. The overall implication of these findings is that less rigid regulations and coherent policies that are enforced with impartiality provide incentives for firms to expand.

• Asian Journal of Innovation and Policy
• /
• v.8 no.3
• /
• pp.396-416
• /
• 2019

The key conditions for the promotion of innovative technology-based start-ups are expanding the market for innovative technology products and services, increasing equity-based funding opportunities, promoting the commercialization of technological innovation, and establishing a fair-trade system for start-ups to compete fairly in the market. Besides, there is a need for a support system that minimizes the cost of failure in case of business failure to facilitate re-challenge and provides education and training opportunities to enhance entrepreneurial capabilities. To activate technology-based start-ups, the Korean government introduced the TIPS policy in 2013. It is a program that creates technology start-up with private investment led by successful venture entrepreneurs, which has shown remarkable achievement and is regarded as the most successful policy in this field up to now. The most critical factor contributed to the success of this program is to invite private investors to select a technology entrepreneurship team and provide mentoring with the investment. The government provides R&D funding with matching investment, commercialization and marketing support to ensure that technology start-ups survive crossing the death-valley. Subsequent investments from domestic and abroad investors are actively made and it is becoming a representative technology-based start-up program in Korea.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.10 no.6
• /
• pp.1346-1352
• /
• 2009

Warranty cost of automobile parts varies depending on the parts failure rate in a warranty region of individual markets. Parts failure rate is significantly affected by usage-rate given that other stressors of individual markets are similar. Accordingly, warranty cost can be predicted by failure modeling which reflects usage-rate and using a stochastic process. In this paper, one-dimensional approach is used by applying accelerated failure time model on the assumption that the usage-rate is linear. Such model can explain changes in parts failure rate depending on the changes in usage-rate since it can be expressed as a function of usage-rate. Therefore, acquisition of usage-rate in a new market will automatically lead to estimate of failure rate even without warranty data and warranty cost of parts can be predicted through a renewal process in replacement cases. A case study using warranty data of two real markets is presented in the application part of this paper.